topic Re: Joint Account Card in Credit Cards

Joint Account Card

fittiger — Wed, 27 Mar 2013 02:15:51 GMT

I'm trying to help my partner build credit, he currently has none. I know all the risks and warnings of opening a joint account and I am willing to accept those risks. What I want to know is what cards would be good to ap for. I would like to get a card from a prime bank so that it looks better for his credit when he apples for cards or loans on his own, rewards would be nice since it will be PIF every month until its closed.

My stats are: AAOA 5.5 yrs, Oldest account 17 yrs, Overall Util 6.5%, INQs: TU 5 (3 over a year, 2 for GE), EQ 4 (all over a year), EX 4 ( all over a year); 1 30d late (6/08); Discover it $12K (4/12), Cap1 Platinum $500 (2/07), Chase $750 (3/07), GE Lumber Liquidators $2.5K (12/12), GE CareCredit $2K (1/13)
Current Scores: EQ 766, TU 752

His Stats: No credit accounts .......1 - collection for $2300 that's 6 yrs old (being disputed but having trouble having it removed), 1 - collection that we are working a PFD for $65 from 3 yrs ago

What are my best options?

Re: Joint Account Card

oscar_actuary — Wed, 27 Mar 2013 02:18:43 GMT

Chase Freedom is my first thoiught

Granted, I'm no expert in this game

Re: Joint Account Card

Anonymous — Wed, 27 Mar 2013 02:28:55 GMT

@fittiger wrote:
I'm trying to help my partner build credit, he currently has none. I know all the risks and warnings of opening a joint account and I am willing to accept those risks. What I want to know is what cards would be good to ap for. I would like to get a card from a prime bank so that it looks better for his credit when he apples for cards or loans on his own, rewards would be nice since it will be PIF every month until its closed.

My stats are: AAOA 5.5 yrs, Oldest account 17 yrs, Overall Util 6.5%, INQs: TU 5 (3 over a year, 2 for GE), EQ 4 (all over a year), EX 4 ( all over a year); 1 30d late (6/08); Discover it $12K (4/12), Cap1 Platinum $500 (2/07), Chase $750 (3/07), GE Lumber Liquidators $2.5K (12/12), GE CareCredit $2K (1/13)
Current Scores: EQ 766, TU 752

His Stats: No credit accounts .......1 - collection for $2300 that's 6 yrs old (being disputed but having trouble having it removed), 1 - collection that we are working a PFD for $65 from 3 yrs ago

What are my best options?

Not everyone offers Joint accounts, Capital One for instance. It may not be that easy to get prime CC.

If you don't find a joint account you like, consider a secured card for your partner (loan him the money if you need). IMO, a better approach. Then when his credit report is clean, he will have some good history.

Re: Joint Account Card

Anonymous — Wed, 27 Mar 2013 02:35:30 GMT

I'm not positive this would work with the credit cards you have, but I recently added my girlfriend to my amex bce card and was told that it will report to the agency's so she will start to gain credit, she has none right now, so if you didn't want to do a secure credit card you could probably add them as a au to one of your accounts

Or maybe you could do that and a secure credit card if you wanted, a secure credit card from USAA doesn't report as a secure credit card, because you put the money in a cd, so if you can get a USAA account you may want to look into that

Re: Joint Account Card

09Lexie — Wed, 27 Mar 2013 02:35:39 GMT

I have a personal fear of joint accounts- that collection will be hard to get around due to the amount. IMO, I would add him to your Discover or Chase as an AU or as Wolf3 suggested- find a secured card that graduates ( not sure BoA will approve with that collection) or just a secured card. Collection should fall off in a yr and after having either the secured account open a year and/or being an AU on yours- he should be fine.

Re: Joint Account Card

fittiger — Wed, 27 Mar 2013 02:45:49 GMT

I've added him as an AU to both the Cap1 and the Discover and none of his credit reports show either as a TL. He was added to both almost a year ago and we just checked his reports in February. I contacted both companies and they both indicated they were reporting to all 3 CRA's, but still nothing.

The odd thing is he has a CreditSesame score of 709 showing both accounts.....so why aren't they on his Experian credit report?

Re: Joint Account Card

09Lexie — Wed, 27 Mar 2013 02:49:28 GMT

Do you have the same address? I added my DH to Discover and its on his CR's

Re: Joint Account Card

fittiger — Wed, 27 Mar 2013 02:53:06 GMT

Yes, we live together and have the same current address on each of our respective Reports

Re: Joint Account Card

09Lexie — Wed, 27 Mar 2013 02:53:35 GMT

Definitely contact the CB's.

Re: Joint Account Card

Creditaddict — Wed, 27 Mar 2013 05:13:38 GMT

I'm sorry but I'm still gasping over your $12k limit with Discover with $3k being your highest after that? sigh

Okay... He is AUTH on your Discover but it's not reporting??

HMMM, strange... Discover "use" to offer joint, but it's like Chase... you can call and they sent out a form to add the joint holder and then they would add with no pull... but if you want off or want them off, it's a close and apply for a new card on your own (Discover) Chase allows you to "apply" basically to remove 1 joint person but it will cost both of you a HP and if they don't think you qualify to have the account on your own it will reain joint or they may close the account if they no longer like either of you!

USbank offers Joint from opening point (put yourself first!)

GE allows joint (again it's once it's open and you can call and request the form to add (no pull) no option to go back, joint or close!

Amex is probably best - Only AU but it WILL report!

Re: Joint Account Card

Anonymous — Wed, 27 Mar 2013 13:27:05 GMT

Plus if you got an amex and added him as an au, when he has good enough credit to get his own amex it will back date and help his AAoA

Re: Joint Account Card

distantarray — Wed, 27 Mar 2013 13:42:01 GMT

Surprised no one mentioned Macy's.

Macy's card apply IN PERSON at the store, both of you must be present.

Fill in the app with your information on top (primary) and his on bottom (secondary)

only YOU will get a credit pull, they will not even CHECK his credit if your score is above 720.

This will result in a better limit for you and him as a joint account than many other card companies, and it also creates 2 accounts at once if your score is above 720.

Instore account + Amex account for you both. Buy something at the store, it'll credit Macy's store. If you use the card outside it'll go towards Amex account.

Re: Joint Account Card

Anonymous — Wed, 27 Mar 2013 14:01:52 GMT

Considering that sounds like it would start his relationship with amex for a backdated, the Macy's card sounds like a great idea

Re: Joint Account Card

RyVision — Wed, 27 Mar 2013 14:35:47 GMT

@Anonymous wrote:
Plus if you got an amex and added him as an au, when he has good enough credit to get his own amex it will back date and help his AAoA

That is no longer correct. AMEX doesn't backdate a new individual account to the date they previously became an AU (or "ACM" Additional Card Member) unless it's done by mistake which is rare.

Re: Joint Account Card

RyVision — Wed, 27 Mar 2013 14:38:43 GMT

If you are eligible, get a membership with NFCU (through family usually), they offer joint accounts as wells as generous CLs and terms.

Re: Joint Account Card

Creditaddict — Wed, 27 Mar 2013 14:46:25 GMT

@Anonymous wrote:
Considering that sounds like it would start his relationship with amex for a backdated, the Macy's card sounds like a great idea

Macy's American Express is backed by Citi, it is not an American Express Bank Credit Card. Also you may only get the store card as they are actually 2 different credit lines.

But yes something like the Gold charge card from american express is a good choice to help an AU and free for a year.

Re: Joint Account Card

fittiger — Wed, 27 Mar 2013 14:53:05 GMT

Thanks all for the info.......a few replies:

Re: Discover limit, I applied last year with only $3000 student loan open in addition to low util on cap1 and chase....they gave me a CL of $6.3K......I've used heavily and paid heavily and they've raise my limits 4 times, the last being the only one requested.

Re: Macy's card....I'm not sure I understand how this works; its an amex but also a store card?

Re: NFCU, I'm not currently eligible for membership

Re: AMEX AU.....so they do or do not backdate for an AU when they open their own account?

Thanks

Re: Joint Account Card

fittiger — Wed, 27 Mar 2013 14:55:16 GMT

Re: AMEX charge card....I'll probably be opening one of these up but only for a year, don't want to pay AF....plan to app for a revolver at that point.

If he's added as AU on the charge and its closed in a year, will that TL stay on his report after its closed?

Re: Joint Account Card

RyVision — Wed, 27 Mar 2013 15:15:31 GMT

@fittiger wrote:
Re: AMEX charge card....I'll probably be opening one of these up but only for a year, don't want to pay AF....plan to app for a revolver at that point.

If he's added as AU on the charge and its closed in a year, will that TL stay on his report after its closed?

As long as he's not removed from the account, if he's listed as an ACM, it will report for at least 10 years (99% of the time, barring any reporting glitches that AMEX sometimes has).

Re: Joint Account Card

Anonymous — Wed, 27 Mar 2013 15:24:59 GMT

I'm sorry, I'm confused, I was under the impression, that an au account would start their relationship ship with amex and then when they get there own card it would back date to when they got their au card.

For example, my girlfriend just got on my bce as a au, I was hoping, when she got her own amex maybe march of 2014 that it would backdate to 3/13 to the
date she got her au, not the date my membership is, which is January 2011, am I wrong?